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Question - For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement:
McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Y1
Sales
$666,016
$598,000
Cost of merchandise sold
471,200
380,000
Gross profit
$194,816
$218,000
Selling expenses
$65,000
$50,000
Administrative expenses
38,910
32,000
Total operating expenses
$103,910
$82,000
Income from operations
$90,906
$136,000
Other revenue
3,093
2,500
Income before income tax expense
$93,999
$138,500
Income tax expense
26,300
41,600
Net income
$67,699
$96,900
Required - Make a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year.
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